History
Founded in 2012 by William (John) Berger, it quickly expanded its operations across the U.S., focusing on providing affordable, reliable, and sustainable energy solutions to residential customers. Over the years, Sunnova has grown to become one of the leading residential solar service providers in the country.
In March 2025, when its stock plunged below $1 per share due to concerns about its financial condition, [6] Berger resigned and Paul Mathews was named the company's new President and CEO. [7] [8] [9] On June 5, it announced that it would lay off 55% of its workforce, or 718 employees, and its subsidiary, Sunnova TEP Developer, had filed for Chapter 11 bankruptcy protection. [10]
On June 9, Sunnova filed for Chapter 11 bankruptcy protection, listing assets and liabilities between $10 billion and $50 billion. The company blamed its decision on high debt amounts and declining demand. [11]
In September 2025, it was announced that Solaris Assets LLC had completed the firm's acquisition. [12]
The company went public in 2019, trading on the New York Stock Exchange under the ticker symbol "NOVA." Its financial performance was bolstered by increased demand for residential solar energy and energy storage solutions. [19] [20] Shares of company's stock fell by as much as 71% on March 3, 2025, following the release of its end-of-year financial results for 2024. The disclosure included a so-called “going concern” statement – a note warning investors that the company could run out of money to operate within the year; “substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year,” the disclosure said. [21]
[22] Roughly $400 million of Sunnova’s $8.5 billion in debt was bought up by Oaktree Capital Management in purchases made across a couple days. As Sunnova prepares for negotiations with creditors, the purchases give Oaktree a significant role in the discussions. [23]
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